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With the emergence of cloud computing technology, demand Universal Serial Bus (USB) flash drives in data sharing had reduced unlike before. Data susceptibility to breaches still demanding flash storage devices for secure data transfer. However, non-encrypted flash drives are vulnerable to malware and other device security threats. Thus, secure or encrypted electronic data storage devices has emerged and gained excellent demand over the last decade. The compact size, cost-effectiveness, portability, user-friendliness always made USB flash drives favorable across the industry. Employing improved storage capacity and data security by advanced encryption algorithms is escalating the growth of secure flash drive market. Encryption algorithms provide extreme security to electronic flash drives. There are two types of encryption algorithms- hardware-based encryption and software-based encryption.
Information technology (IT) acts, e-privacy laws, general data protection regulation (GDPR), advanced encryption standards (AES) and many other electronic data security laws are likely to enhance the adoption of secure flash drives. Further, government data security regulations and standards expected to drive the secure electronic data storage device market. Industry specific offerings and robust security techniques adopted by key players are anticipated to endorse sophisticated market growth.
Key Market Driver -
• Increasing demand for secure data transfer • Government standards for the encryption of electronic data
Key Market Restraint -
Less security of encrypted flash drives
Key players are developing advanced encryption algorithms and techniques to enhance the security of flash drives. The development of customized, highly-secure, and high-capacity USB flash devices help key players to augment their product demand. For instance, in January 2020, Kanguru Solutions introduced Kanguru Remote Management Console (KRMC) solution designed to meet the security desired by IT security administrators. The solution enables IT admins to easily manage and monitor their encrypted USB devices. Strategic collaborations and partnerships are aimed by market players to expand their business portfolio. For instance, in May 2020, Securedata, Inc. and AVADirect Custom Computers. partnered to deliver (Federal Information Processing Standards) FIPS-based flash and hard drives for custom personal computers.
Other Key companies summarised include Kingston Technology Corporation., Axiomupgrades.com., Western Digital Corporation, Apricorn, EDGE MEMORY., ADATA Technology Co., Ltd., Buffalo EU B.V., Corsair, HP Development Company, L.P., KIOXIA Europe GmbH., SAMSUNG, Transcend Information, Inc., DataLocker Inc., SanDisk Corp., among others.
North America is expected to hold a major market share owing to the presence of the prominent market players. Data privacy laws and standards such as advanced encryption standards (AES) are supporting the demand for encrypted USB flash drives. Strict data privacy regulations like GDPR (General Data Protection Regulation) imposed on European nations led them to adopt a secure way to transfer the data. So, Europe is also anticipating to drive the adoption of secured flash memory devices.
Asia-Pacific region covers most developing countries including India, Australia, Indonesia. These countries are still preferring USB flash drives as an emergency storage device. Increasing smartphone and camera adoption demanding high speed and secure flash memory storage options, that supposed to drive the market growth. Many Asian niche markets are still preferring flash memory devices for storage due to its affordable cost, compact size, and advanced security. Thus, Asia-pacific is anticipating to drive large market growth.
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